EDP Renewables Maintains US Investment Focus After Offshore Wind Withdrawal
EDP Renewables' Strategic Investment Decisions and Market Focus
Continued Commitment to the US Market
LISBON, May 6 (Reuters) - EDP Renewables, the world's fourth-largest wind power producer, will keep the United States as its top investment market despite its recent decision to pull out of offshore wind there, CEO Miguel Stilwell de Andrade told Reuters on Wednesday.
Investment Plans and Financial Allocation
He said EDPR was maintaining the planned investment of 4.5 billion euros ($5.26 billion) in the U.S. over the next three years that was announced in November, which makes up about 60% of the company's total investment through 2028.
Joint Ventures and Offshore Wind Strategy
Partnership with Engie: Ocean Winds
The CEO also said EDPR was "very comfortable" with its 50–50 joint venture with France's Engie, Ocean Winds - which operates and develops offshore wind projects across several countries - and intends to keep its stake.
Regulatory Environment and Taxation
Response to Windfall Taxes in Portugal and Spain
He said plans by Portugal and Spain to impose windfall taxes on electricity producers "make no sense", as they are not benefiting from higher natural gas prices driven by the Iran war.
Currency Exchange Rate
($1 = 0.8551 euros)
Reporting Credits
(Reporting by Sergio Goncalves; Editing by David Latona)
